Earnings from Miller Industries and Ansys

After the bell, Miller Industries (MLR) said it had net sales of $181.2 million for Q2. That’s up 40.9% last year’s Q2. Comparisons with last year aren’t terribly useful due to the unusual environment.

For Q2, Miller’s net income rose to $6.5 million or 57 cents per share. That’s up from 51 cents for last year’s Q2. For the first half of the year, Miller has made 85 cents per share.

Miller is now going for less than 11 times its 2019 earnings.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company said, “We are encouraged by our strong performance in the second quarter as our operations continued to normalize towards pre-pandemic levels. For the second quarter, sales increased 40.9% to $181.2 million as demand trends continued to improve across all of our markets. In addition, our operations are beginning to see the benefits of our enterprise software upgrades completed in the first quarter and we do not anticipate any significant disruptions to our business operations as we work to implement further system improvements across our network. Despite favorable demand conditions and improving industry dynamics, our operations continue to be impacted by supply chain disruptions and limited availability of freight transportation across our network, as well as increased employee turnover and difficulties in hiring new workers. While we anticipate these headwinds to continue, we are leveraging all available resources to ensure we can meet customer demand.”

Mr. Badgley continued, “With industry dynamics such as vehicle miles traveled continuing to improve, we are encouraged by the favorable demand backdrop as evidenced by our healthy order rates and strong backlog. Despite the challenges faced in our domestic export shipping operations, customer demand in our international business is strong. As we move into the second half of the year, the industry backdrop continues to improve and we are well positioned to capitalize on all growth opportunities. Lastly, our financial position and strong cash generation grant us the financial flexibility to drive the business forward and deliver for our customers.”

This report is a big relief. I’ve been a believer in Miller even as the stock has gone down. The company is clearly profitable. I’m a little concerned about the 44% jump in cost of operations.

Ansys (ANSS) said it had Q2 earnings of $1.85 per share. Expectations had been for $1.56 per share. Operating cash flows was $118.9 million.

Nicole Anasenes, Ansys CFO, stated, “Our outstanding performance was highlighted by 25% ACV growth in the second quarter, driving our first half 2021 ACV growth to 16%. Given the strength and momentum in our core business year-to-date, coupled with our sales pipeline, I am confident in our ability to achieve our increased full-year 2021 guidance.”

For Q3, Ansys sees earnings of $1.22 to $1.39 per share on revenue of $400 million to $425 million. For the whole year, Ansys now sees earnings ranging between $6.85 and $7.15 per share on revenue of $1.84 to $1.89 billion. That’s an increase from their previous forecast for earnings between $6.69 per share and $7.10 per share.

Posted by on August 4th, 2021 at 4:30 pm


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